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(a) roll-back tax of the ow such taxes, which shall thirty (30) days of ass pay to the Treasurer wi owner to be liable for (10%) of the amount of The City Assessor shall determine and assess the ~er of any real estate liable for be paid to the City Treasurer within ~ssment. Failure of such owner to thin thirty (30) days shall cause the ~n additional penalty of ten percent ~he roll-back tax, which penalty shall be collected as p~rt of the tax. In addition to such penalty, there is hereby imposed interest at the rate of one-half of one percents(i/2 of 1%) per month on the amount of.roll-back tax for each month or fraction thereof during which failure to pay continues. (b) Any person wh~ fails to report properly any change in the use of property For which any application for use value taxation had been filed pursuant hereto, shall be liable for all taxes, in such amounts and at such times as if such property had been assessed on th~ basis of fai~ market value as applied to other real estat~ in the taxing jurisdictionf together with interest and penalties thereon. Any person making a material misstatement of fact other than a clerical error in any such application shall be liable for all such taxes, in such amounts and at such times as if such property had been assessed on the basis of fair market vslue as applied to other real estate in the taxing jurisdiction, together with interest and penalties thereon; and if such a material misstatement was made with the intent to defraud the C~ty of Portsmouth, he shall be further assessed with an additipnal penalty of one hundred percent (100%) of such unpaid taxes. Section 35.64.7. Applicability of State law. The provisions of Title 58 and its successor 58.1 of the Code of Virginia applicable to local levies and real eastate assessment and taxation shall be applicable to assessments and taxation herennder mutatis mutandis including, without limitation, provisions ~elating to tax liens, boar~s of equalization and the correction of erroneous assessments, and for such purpuses the roll-back taxes shall be considered to be deferred real estate taxes. Sections 35-65 through 35-73. 2. This ordinancs shall adoption. Reserved. take ~ffect from the date of its Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held September 11, 1984. Teste: City Clerk